Summary by Moomoo AI
Inter-Pacific Textiles signed a new master agreement with Toray Group on 22 March 2024 to continue their business relationship. The Agreement shall be effective from 1 April 2024 for a period of three years until 31 March 2027. Under this agreement, Intertai Textiles will sell fabrics made or owned by the Toray Group to the Toray Group. As Toray Group holds approximately 28.98% of the issued share capital of Intertai Textiles, the transaction is considered to be a continuing connected transaction and is subject to the relevant provisions of Chapter 14A of the Listing Rules. The annual cap for the transaction is HK$70 million per year and will be conducted under general commercial terms and conditions. Inter-Pacific Textiles said the agreement helps maintain and expand its business portfolio and ensures a stable source of revenue. The company has established internal controls to ensure transactions are conducted in accordance with pricing policies and commercial terms.